Dublin, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The "Polyaryletherketones (PAEK) Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.
The global market for polyaryletherketone (PAEK) is estimated to expand at a CAGR of 6.5% during the forecast period of 2022 to 2030.
Caledonian Industries Ltd.
Evonik Industries AG
It is anticipated that PAEK would experience strong growth as a result of its qualities, which include outstanding performance even at higher temperatures and resistance to friction. Polyether ether ketone (PEEK) is becoming more utilised in the aerospace industry due to the fact that it is a polymer that has a high glass transition temperature.
This is likely to push market demand. The increasing demand for polyetherketoneketone (PEKK) in the medical industry for various orthopaedic applications and components due to its outstanding antibacterial qualities is the primary factor driving the growth of market revenue.
The expansion of the market's revenue is also being driven by the increasing utilisation of materials that are not only lightweight but also possess high levels of mechanical strength in the aerospace and automotive industries and as a substitute for metal. It is expected that China, India, Thailand, Indonesia, and Malaysia will see increased demand for aftermarket parts as a result of growing automotive manufacturing and an increasing number of OEM firms catering to the domestic aftermarket.
Increasing Demand for Alternatives
On the other hand, increasing demand for alternatives in industries such as construction and automotive is anticipated to stifle market expansion over the course of the projected period.
Some examples of these alternatives include PPS and PEI. PPS is a high-performance engineering plastic with a variety of qualities, including strong creep resistance, excellent temperature properties, and excellent chemical resistance. PPS is used in a variety of industries, including aerospace, automotive, and electronics.
Over the course of the forecast period, it is predicted that the need for PEEK will be met with competition from the growing demand for PPS in the production of automotive parts such as speed sensors, bulb sockets, and fuse cases.
Demand from the Automotive and Aerospace Industry
It is anticipated that the aviation industry would be driven by ongoing expansion activities carried out by Bombardier, a Canadian aerospace business, as well as the presence of original equipment manufacturers (OEMs) in Mexico, including Honeywell and Boeing. It is anticipated that increased government investments in the aerospace industries of China, India, South Korea, Singapore, and Malaysia will further accelerate the PAEK market.
This growth will be driven by the aerospace industries in these countries. PAEK is utilised in the fabrication of crucial aerospace components utilised in Airbus A350-900 aircraft as well as applications utilised within aircraft interiors. In a variety of aviation components, such as ribs, ducting, brackets, seat frames, panels, and fasteners, PAEK provides outstanding dimensional precision, resistance to radiation and hydrolysis, and good temperature performance.
The markets for polyetheretherketone (PEEK) all over the world are controlled collectively by Europe and North America. With a market share that is greater than 35%, Europe dominates the polyaryletherketone (PAEK) industry worldwide. In addition to being a private investor in research and development (R&D), the automotive industry also serves as a force multiplier in the broad application of polyaryletherketone (PAEK) (PAEK).
Polyaryletherketone (PAEK) is set to usher in a new age of robust growth in a number of applications over the course of the forecast period as a result of steady growth in the industrial sector in Europe and growing knowledge of the benefits associated with the use of PAEK.
The PEEK Market Is Experiencing Accelerated Expansion on The Strength of Its High Thermal and Chemical Stability.
Recent developments in the metallurgical industry have led to the production of numerous polymers that possess qualities that are either comparatively superior or equal to one another. Polyetheretherketone, often known as PEEK, accounts for more than 80% of the polymers that belong to the polyaryletherketone (PAEK) family.
Other members include PEKK and PEKEKK. PEEK, which stands for polyetheretherketone, are important because they are appropriate for use in harsh and demanding situations. Polyether ether ketone (PEEK) is seeing a rise in use across a wide range of industries as a result of the relatively superior chemical characteristics it possesses, which help it maintain its durability. Polyetheretherketone, also known as PEEK, is a material that has found widespread use for a variety of applications that involve high temperatures and call for a combination of exceptional chemical, thermal, and combustion qualities.
When compared to other polymers such as ABS, polyester laminate, polyvinyl chloride, polystyrene, and polysulphone, PEEK has significantly lower levels of carbon emissions. As a result, it is becoming increasingly popular as a solution that is both effective and kind to the environment. In addition to providing resistance to corrosion, PEEK contributes to an increase in the service life of the items in which it is utilised. The polymer is able to maintain its performance for an extended period of time even when subjected to high heat and temperatures. It offers greater industrial design freedom, which in turn results in reduced labour requirements, making it one of the most flexible products.
Availability of Effective Substitutes to Limit the Market Growth
As a result of its resilience to high temperatures as well as its superior mechanical qualities, PAEK is regarded as a type of thermoplastic that is categorised as high-performance. However, there are a number of other high-performance thermoplastics available, such as polyphenylene sulphide (PPS), polycarbonate (PC), polysulfone (PSU), and polyetherimide (PEI). These thermoplastics all share functional properties that are comparable to those required for use in applications such as industrial and automotive. In the case of PAEK thermoplastics, these polymers can likewise serve as suitable replacements.
PPS is quickly becoming one of the most popular PEEK alternatives on the market. PPS is the preferred alternative to metals or thermosets because it is a high-performance engineering plastic that is semi-crystalline and has a variety of properties. These properties include excellent temperature properties, high stiffness and strength, creep resistance, and good chemical resistance. Within the next eight years, it is anticipated that the utilisation of PPS in general industries, such as kitchen appliances, components for hair dryers, and grills, would contribute to an increase in the demand for PPS.
Fluctuating Cost and Rising Price to be Major Concerns During the Forecast Period
It is anticipated that the expansion of the polyaryletherketone (PAEK) market will be hampered by the rising prices of the product. It is also anticipated that the volatile prices of raw materials will slow the overall expansion of the market.
Others (PEEKK, PEKEKK)
Oil & gas
Aerospace & automotive
Electrical & electronics
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Polyaryletherketones (PAEK) market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2030.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Polyaryletherketones (PAEK) market?
Which is the largest regional market for Polyaryletherketones (PAEK) market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Polyaryletherketones (PAEK) market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Polyaryletherketones (PAEK) market worldwide?
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